EC meet on new bank licences postponed

Last Updated: Monday, March 31, 2014 - 13:21

Zee Media Bureau

New Delhi: The meeting of the Election Commission to take a view on the issuance of new bank licences by the Reserve Bank has been postponed.

The Election Commission was due to meet today.

"I think most likely we will take up the issue on Monday," Election Commissioner H S Brahma said earlier when asked if the EC had already taken a view on the request of RBI to allow the central bank to issue new bank licences.

He said that the RBI has already submitted clarifications sought by the Commission.

"The letter (from RBI) has come to us... It came to us about a week back. We have asked them to clarify certain points. They have clarified," he said.

About two dozen public and private sector applicants, including India Post, IFCI and large business houses such as the Anil Ambani group and the Aditya Birla group, have applied for bank licences.

The model code of conduct has come into force with the announcement of general election earlier this month.

Last month, the Bimal Jalan panel, which scrutinised applications for new bank licences, submitted its report along with shortlisted entities to the RBI.

Guidelines for setting up new private banks were issued in February 2013 and the last day for applications was July 1.

With agency inputs

First Published: Monday, March 31, 2014 - 10:04

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